IRS Issues Additional Details on the New Paid Family Leave Tax Credit

More and more clarifications are rolling out from the Tax Cuts & Jobs Act. 

A recent update from the IRS issued guidance on the Paid Family and Medical Leave Tax Credit. Businesses that provide benefits such as paid family or medical leave to low income earning employees may be eligible for a credit of up to 25 percent of wages paid for each hour of family or medical leave taken.

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The (proposed) STATES Act: Federal Cannabis Reform

Earlier today, Senators Elizabeth Warren (D-MA) and Cory Garnder (R-CO) announced their bipartisan bill* titled Strengthening the Tenth Amendment by Entrusting States Act (STATES Act). The following is a preliminary summary of the abstract from the senators' press release and our interpretations of what's to come in the cannabis industry in response to this bill. 

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Saving for Future Education Expenses With a 529 Plan

My wife and I were talking at the dinner table last night about how much the cost of one year of college tuition would be in the year 2036.  The year 2036 holds a special place in our heart, as it is the year that our three-month old son will (potentially) be leaving the nest for four (or more) years at an educational institution to prepare him for the “real world.”  The numbers we were throwing around were so large they seemed laughable, but they may become reality in eighteen short years.  Although the potential cost of college seems daunting for almost everyone, there is some help available for parents (or grandparents, aunts, uncles, or really anyone) that want to set aside money to be used for future education expenses.  Some of that helps comes by the way of a 529 Plan. 

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New York State Responds to Federal Tax Reform - A Two Part Series

In this two part series covering New York States' Response to the Federal Tax Reform, we will address the state's major goals and changes.

New York is the first of many high-tax states to pass changes in laws to combat the impact the TCJA will have on NY taxpayers. Under the Trump administrations tax overhaul, itemized deductions for state and local income, property and sales taxes are limited to $10,000 a year. The proposed tax reform for NY determines that limitations from the TCJA will cost NY taxpayers an additional $14.3 billion a year. Governor Cuomo has pushed through a plan at an attempt to shield NY state residents from this hike through the Executive Budget. Provided below is an outline of proposed tax reform for New York State:

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Taxation of Illegal Businesses

All for-profit businesses are required to pay federal income taxes on their gross income. This is true even if a taxpayer is operating an illegal business. You might be asking yourself, "Why would an illegal business voluntarily pay taxes?" Well... what about the medical and adult recreational use marijuana businesses?

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